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News on Medial
Tablets set for a record year after a bad 2023 in India
Livemint
·
11m ago
Medial
Tablet sales in India are expected to reach record highs in 2024, driven by increased demand from parents seeking affordable computing devices for their children, large-scale orders from state governments, and the return of procurement by the edtech sector. Sales of tablets in Q2 2024 grew 2.3 times year-on-year, reaching 1.84 million units. The COVID-19 pandemic and the need for remote work and education devices have contributed to the surge in tablet sales. Analysts estimate that tablet sales in 2024 could be around 5.8-6 million units, with an average selling price of $175, resulting in the market exceeding $1 billion in revenue.
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Defence stocks surge up to 13% after India posts highest ever growth in defence production in FY24
Money Control
·
1y ago
Medial
Shares of defence companies saw a surge of up to 13% after India's defence minister announced a record-high growth in the country's defence production. The value of defence production reached Rs 1,26,887 crore in 2023-24, marking a 16.8% increase from the previous financial year. The Indian government aims to develop India as a leading global defence manufacturing hub and has set an ambitious target to export over Rs 50,000 crore worth of defence equipment by 2028-2029. The bullishness in the sector is also reflected in the robust subscription numbers of the Motilal Oswal Nifty India Defence Index Fund.
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Macs give Apple a chunkier India pie
Livemint
·
1y ago
Medial
Apple has set a new revenue record in India for the ninth consecutive quarter, with its iPhones remaining the biggest seller. However, surprising figures also show a new record for sales of the company's Mac laptops and desktops in the June quarter. Experts suggest Apple's growth in Mac sales is driven by increasing enterprise demand, and estimate that revenues from the Mac portfolio in India grew 67% year-on-year. While iPhones still account for the majority of Apple's India revenue, the growth in Mac sales could help the company further penetrate the Indian market.
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SpaceX's Falcon 9 rocket sets reuse record with 17th launch
News Bytes
·
1y ago
Medial
SpaceX's Falcon 9 rocket has set a new record, launching for the 17th time. The rocket carried 22 Starlink internet satellites into orbit before its first stage successfully returned to Earth and landed on a SpaceX drone ship at sea. This launch marks the 65th orbital mission for SpaceX in 2023, surpassing its previous record of 61 missions in 2022. The majority of SpaceX's launches this year have been dedicated to expanding the Starlink mega constellation, currently consisting of over 4,700 operational satellites.
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UPI transactions touch record high of Rs 24.77 lakh crore in March
YourStory
·
4m ago
Medial
Unified Payments Interface (UPI) transactions reached a record high of Rs 24.77 lakh crore in March, marking a 12.7% increase from February and a significant 25% year-on-year rise. Daily transactions averaged Rs 79,903 crore, reflecting increased adoption of digital payments in India. The National Payments Corporation of India (NPCI) attributes this to growing trust in digital financial solutions. For the fiscal year 2023-24, UPI transaction volumes exceeded 131 billion, with values surpassing Rs 200 lakh crore.
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TPG-backed Fibe’s FY23 profit jumps but bad loans, borrowing costs climb
VCCircle
·
1y ago
Medial
TPG-backed Fibe, formerly known as EarlySalary, experienced a significant increase in profit for the fiscal year ending in March 2023. However, the company also faces challenges due to higher bad loans and elevated borrowing costs. TPG's The Rise Fund and Norwest are among the investors in Fibe.
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Government likely to review laptop import management system in September
Economic Times
·
1y ago
Medial
The Indian government plans to review the import management system for laptops and other digital devices in September, assessing manufacturers' readiness to set up or expand manufacturing in the country. The review will examine parameters such as the number of imports, origin of devices and components, and efforts to establish manufacturing units. Based on progress, the government may relax import criteria. Setting up PCB manufacturing in India remains a challenge, but the government emphasizes the need for companies to demonstrate compliance with India's requirements. The import management system was implemented in October 2023 for laptops, tablets, and certain IT hardware.
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Thomson to launch windows-run laptops priced below Rs 20,000
Economic Times
·
1y ago
Medial
French electronics brand Thomson is set to enter the Indian IT hardware market by launching made-in-India laptops and tablets. The devices will be manufactured by Noida-based Sahasra Group and will target the entry-level segment, offering Windows 11-run laptops priced below Rs 19,990. With a phased investment plan of Rs 250 crore over the next six years, Sahasra aims to produce 100,000 units in the first year to meet the government's production-linked incentive scheme for IT hardware. Thomson laptops will be available online and offline from January next year.
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Apple’s India Sales Touch Nearly $8 Bn Mark As iPhones Demand Soar
Inc42
·
1y ago
Medial
Apple Inc's sales in India have reached a new record high of approximately $8 billion. The company's revenue in India increased by about 33% over the last year, surpassing the $6 billion mark. This growth can be attributed to Apple's expanding presence in the Indian market. The company's two company-owned outlets in India reported revenue of INR 190-210 crore in the fiscal year 2023-24.
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Maruti Suzuki India total sales rise 10% in March
Thehindubusinessline
·
1y ago
Medial
Maruti Suzuki India reported a 10% increase in total sales for March 2024, reaching 187,196 units compared to the same period last year. The company achieved an annual sales milestone of 2 million units in 2023-24, with record domestic sales of 1,793,644 units and exports of 283,067 units. Total domestic dispatches for March 2024 stood at 161,304 units, a 15.26% growth from the previous year. Passenger vehicle sales in the domestic market saw a 15% increase, while exports for the month declined. Overall, Maruti Suzuki's total sales for the fiscal year 2023-24 increased by 8.6%.
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Warren Buffet pays tribute to Charlie Munger in letter to shareholders
Livemint
·
1y ago
Medial
Warren Buffett praised his late partner, Charlie Munger, as the architect of Berkshire Hathaway in his annual letter to shareholders. This is Buffett's first letter without Munger, who passed away in November 2023. Buffett credits Munger with shaping Berkshire's success and guiding him away from bad investment habits. Berkshire Hathaway reported strong fourth-quarter earnings, with its insurance business benefiting from improved underwriting. The conglomerate's net income reached a record $96.2 billion, boosted by the rising stock market. Berkshire also spent $9.2 billion on share repurchases in 2023.
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